Cognex Corp Stock Price, News & Analysis

Cognex (NASDAQ: CGNX) has launched an AI-powered counting tool for its In-Sight SnAPP vision sensors, aimed at enhancing manufacturing efficiency. This new tool simplifies and automates assembly verification and quantity checks, which were previously error-prone and time-consuming. It offers advanced capabilities to count objects of varying sizes, shapes, and contrasts without complex programming.

The tool is beneficial across numerous industries, enabling food and beverage producers to count products in packaging, pharmaceutical companies to verify vaccine vials or blister packs, and automotive manufacturers to count EV battery modules. The AI technology allows for easy setup and operation, making automation accessible to operators of all skill levels. This innovation is expected to enhance quality control and operational efficiency for manufacturers globally.

Cognex (NASDAQ: CGNX) reported Q2 2024 financial results with revenue of $239 million, down 1% year-over-year but up 14% sequentially. Net income was $36 million, a 37% decrease from Q2 2023. The company saw strong growth in Logistics and Semiconductor end markets, while factory automation remained soft. Adjusted gross margin was 70.3%, down from 74.3% in Q2 2023. Cognex maintained a strong financial position with $555 million in cash and investments and no debt. For Q3 2024, Cognex expects revenue between $225-$240 million, with adjusted gross margin slightly below 70% and adjusted EBITDA margin between 16-19%.

Cognex (NASDAQ: CGNX) has announced a quarterly cash dividend of $0.075 per share. The dividend will be payable on August 29, 2024 to shareholders of record at the close of business on August 15, 2024. This declaration by the company's Board of Directors demonstrates Cognex's commitment to returning value to its shareholders through regular dividend payments.

Cognex (NASDAQ: CGNX) will report its second quarter 2024 earnings on July 31, 2024, after the market closes.

The company will hold a conference call to discuss the results on August 1, 2024, at 8:30 a.m. Eastern Daylight Time (EDT).

Details for accessing the call and a subsequent replay are available on the Cognex Investor Relations website. Investors can join the live call by dialing (877) 704-4573 or (201) 389-0911 for international participants.

Cognex reported financial results for the first quarter of 2024, showcasing a stable business environment despite a year-on-year decline in revenue. The company launched an AI-enabled 3D vision system and is progressing on strategic initiatives to capitalize on industry trends.

Revenue for Q1-24 was $211 million, up 5% from Q1-23. Operating income decreased by 36%, and net income per diluted share dropped by 53% year-on-year. Cognex's financial position remains strong with $557 million in cash and investments and no debt.

Cognex (NASDAQ: CGNX) declared a quarterly cash dividend of $0.075 per share, payable on May 30, 2024, to shareholders of record on May 16, 2024. Cognex is a global leader in machine vision products, aiding automation in manufacturing and distribution.

Cognex announced the appointment of Dennis Fehr as Senior Vice President of Finance and Chief Financial Officer, effective May 3, 2024. Fehr brings over 20 years of global experience across manufacturing, technology, and energy industries. He will lead Cognex's global finance and information technology organizations, reporting to the President and CEO, Robert J. Willett.